Real Estate Agent / Broker Insurance and Liability

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Real Estate Agent / Broker Insurance & Liability

Working RE and OREP have been assisting real estate agents and brokers as well as other real estate professionals for years to obtain E&O insurance and learn how to avoid liability. By not only providing comprehensive and affordable E&O insurance policies to agents and brokers but also publishing informative articles packed with useful advice about agent and broker insurance and liability, OREP / Working RE is the best insurance resource for all real estate agents and brokers.

When Your Insurance Doesn’t Cover You
Here’s a riddle- how can an agent/broker have errors and omissions insurance coverage in place at the time of a sale, yet have no coverage a few months or years later when a problem surfaces in connection with that transaction? The answer is simple but the problem is not. Most agents and brokers realize that claims can take a year or two to surface at least, which is why keeping prior acts coverage is so vital. For this reason, many agents choose to carry their own E&O insurance. This enables them to control their own insurance coverage to make certain it remains current and in force- so they’ll have it when they need it. Individual premiums are priced low enough these days to make this a strategy worth considering …Click to read more of this Real Estate Agent / Broker Insurance and Liability storyDecrease Time and Liability during the FHA Loan Process
Because of increased liability, the FHA loan process has become tedious for most real estate professionals; real estate agents, real estate brokers, loan professionals, and homeowners. As a result, the requirements of the HUD Handbooks, Code of Federal Regulations, Mortgage Letters, and Housing Notices have become overwhelming. How can you, a real estate agent or broker, decrease your time and liability during the FHA loan process? The “FHA Appraiser Inspection Checklist,” a two-page checklist, will help you determine the items that may require attention …Click to read more of this Real Estate Agent / Broker Insurance and Liability storyCutting Expenses as Business Slows
Why Canceling Your E&O Insurance Can Really Cost You!1. If you’re renewing your real estate agent / broker E&O insurance, make sure you do so before your current insurance policy lapses. It is not a good idea to wait until the last minute to renew for the reasons stated.2. If you are changing insurance carriers, give yourself enough time to do so before your current policy expires and make sure that your new carrier is aware you have insurance. Most applications ask whether you have current coverage for this reason.3. When corresponding with your insurance company, always follow up to make sure your fax, email or letter has arrived. It is OREP’s policy to issue same-day confirmation to clients. But it’s always smart to confirm that your application/renewal has arrived. It’s just too important not to …Click to read more of this Real Estate Agent / Broker Insurance and Liability storyClick here for more articles and Working RE coverage of Real Estate Agent / Broker Insurance and Liability.